UK real estate and renewable energy investor Interland has secured a £66.4m (€76.7m) investment property loan from UK retail bank Secure Trust Bank Real Estate Finance.
The five-year loan will enable Interland to refinance its portfolio of residential assets across Greater London.
The resources will be used to refinance an existing £42.2 mln (€48.7 mln) loan with Secure Trust Bank with a £24.2 mln (€27.9 mln) uplift to cover additional assets previously financed by various other lenders.
The new loan has a loan-to-value ratio of 52%.
With the original investment property loan due for refinancing next year, the early refinancing allows Interland to lower its cost of debt whilst fixing the rate across all properties to maximise business stability and avoid the need to manage multiple refinances over the next two years.
Oleg Vorobeichik, Group managing director at Interland Group, said: ‘We are delighted to increase the depth and breadth of our relationship with Secure Trust Bank. STB were able to move at pace, working closely with our teams to tailor the facility to the company’s needs. The refinancing with STB forms part of Interland’s strategy to re-capitalise its debt through portfolio funding, thereby allowing the group to reduce its cost of debt and achieve the flexibility required to balance market volatility and the Group’s operational needs.’
Andy Clutterbuck, regional head for Midlands and South at Secure Trust Bank Real Estate Finance, commented: ‘We’re extremely pleased to be able to extend the successful partnership we’ve enjoyed with Interland since agreeing our first loan back in 2017.’
Richard Nowell, senior relationship director at Secure Trust Bank Real Estate Finance, added: ‘As a bank which places a great deal of emphasis on the relationships we build with a range of ambitious property investors and developers, this refinancing deal with Interland underlines just how effectively we can work together to agree a deal which acts as a springboard for future growth.’
Interland’s portfolio includes Private Rented Sector (PRS), social and council housing, student accommodations, hotels, youth hostels, offices as well as investments into energy storage.
